Post-Holiday Shopping Rush: The Real Cost of Returning Gifts
Now that the holidays are over, it's the season for returning gifts that didn't quite hit the mark. However, consumers need to be aware that returning items might hit their wallets in unexpected ways.
Returning unwanted gifts has become as much a part of the holiday tradition as opening presents or enjoying a festive meal. Yet, an increasing number of stores are now demanding a fee to accept returned items.
The Busy Streets of Post-Holiday Shopping
The day after Christmas saw streets filled with shoppers. Many were hunting for great deals, while others were returning gifts that didn't quite meet expectations.
From clothing items that didn't fit right to gadgets that didn't meet the needs, a variety of reasons brought people to the stores with their gifts to be returned.
The Hidden Cost of Returning Gifts
It's expected that about 17% of the total holiday shopping expenditure, which is anticipated to be around a trillion dollars, will be returned this year. However, this seemingly simple process of returning goods might cost shoppers more than they anticipate.
A recent study revealed that 72% of merchants surveyed are charging restocking fees this year, a noticeable increase from 66% last year. This means that consumers might not get a full refund when they return an item.
For instance, if you purchased an electronic item like a TV or computer, you might have to pay a restocking fee when you return it. Some stores may even charge a return fee.
How to Avoid Extra Charges
It's crucial for consumers to retain their receipts, understand the return deadlines, and read the return policy's fine print. Doing so will help them avoid any unexpected charges.
Some retailers have made their return policies stricter due to concerns over fraudulent returns. Hence, understanding the policy can save you from last-minute surprises.
For some popular stores, the restocking fee can range from $7.50 to $11.99 per mailed package, which can significantly reduce the refund amount.
Shoppers’ Reactions to Restocking Fees
These restocking fees are seen by some consumers as an opportunistic move by retailers. They believe that stores are aware that people buy gifts that are likely to be returned and are trying to profit from restocking fees.
On the other hand, some customers understand that retailers are trying to protect their interests. They believe that stores are becoming more vigilant about people buying items, using them once, and then returning them.
Items That Just Need to Go Back
Despite the stricter return policies and the extra charges, there are certain items that simply have to be returned. For instance, one customer had to exchange a bracelet that was the wrong size for his girlfriend.
Ways to Avoid Restocking Fees
But don't worry, there are ways to avoid these restocking fees. One option is to return items directly to the store. Another is to join a retailer's loyalty program, as many stores offer lenient return policies for members.
It's also advisable to return the items as soon as possible, as the return period could be shorter than anticipated.
For those who received gift cards during the holidays, it's recommended to use them as soon as possible. This is because if the retailer goes out of business, the gift card could become worthless.